Budgeting for gifts can be difficult especially, if you need to purchase gifts for more than one occasion in a month. A gift stockpile can help save you time and money by having a selection of gifts already purchased to choose from at a moment’s notice.
A gift stockpile works similarly to a food stockpile in that you make gift purchases throughout the year when various items are on sale or at their lowest prices. Building a gift stockpile can become overwhelming and expensive if you are not careful. These three tips will help you build your gift stockpile without breaking your budget.
Consider Your Gift Giving Needs
If you are at the stage of your life where your friends are getting married and having babies, chances are that you will attending several showers. When you come across baby clothes on sale, purchase them and store them in a bin near your gift-wrap items. However, if your friend’s children are older, then chances of attending a baby shower are less likely. Instead of purchasing baby items to store, start a stockpile of children birthday gifts such as toys, when they go on sale.
Controlling What You Spend
The point of a gift stockpile is to save you money by not having to run out the day before a party to purchase a gift. In order to accomplish this, you will purchase your gifts when they are at their lowest price. Keeping a price book can help you determine if the current price for an item is the best price. Take advantage of sales and coupons as you come across them and make sure to shop at thrift stores and consignment sales for items that can be used as gifts.
Control Your Stockpile
Your gift stockpile will only save you money if you control how much you keep. There is no point to building a gift stockpile if the intended gifts sit unused for years. Keep an inventory of what you have on hand so you will know before making a purchase if you already have that item or one similar to it in your stockpile. You may also want to keep the receipt attached to the gift in case you need to return or exchange it later.
The key to successful stockpiling is moderation. Remember to make your purchases only when the item is at its best and lowest price and when you actually have the room in your budget. Otherwise, you will cost yourself money instead of saving it. The whole point of building a gift stockpile is to avoid unnecessary gift purchases and expenses.
Do you keep a gift stockpile?
Check back tomorrow for another post in our 31 Days of Real Life on a Budget series!
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